See exactly when your loans disappear, what they cost in interest, and how much faster (and cheaper) an extra monthly payment gets you there.
Assumes a fixed rate and consistent payments. Prepayment makes the most sense once you've decided to pay loans off rather than pursue forgiveness — extra dollars sent toward a balance you'd otherwise have forgiven are wasted.
Our full engine compares PSLF, RAP, capped IBR and refinancing on your exact numbers — free, no signup to see your answer.
Run my full numbers →Only if you've decided to pay loans off rather than chase forgiveness. If you're pursuing PSLF or income-driven forgiveness, extra payments reduce the amount forgiven — often wasting money. For payoff-track borrowers, extra payments cut interest meaningfully, as shown above.
We simulate your balance month by month: each month adds interest at your rate and subtracts your payment, until the balance hits zero. Real servicer timing can vary slightly.
They stack: refinancing lowers your rate, and extra payments shorten the term. For payoff-track high earners, doing both minimizes total cost. Use the refinance calculator to compare rates.
Educational estimates, not financial, tax, or legal advice. Calculations are simplified and may differ from your servicer or the IRS. Verify specifics at studentaid.gov. See our methodology and disclosures.